EURUSD EDGES LOWER AMID WEAK GERMAN DATA; FOCUS TURNS TO KEY US INFLATION FIGURES

Published on Jan 09, 2024 14:33

Euro edged lower on Tuesday as dollar regained some lost ground ahead of much awaited US consumer price data for further clarity on Federal stance. Markets anticipate a Federal rate cut this year amid moderating inflation levels although time and quantum remains uncertain. The dollar index that measures the greenback against a basket of currencies is trading at 102.06, up 0.13% on the day. EURUSD is currently quoting at $1.0979, down 0.13% on the day. Euro further dampened as data from Eurozone today showed an extended decline in German industrial production. Industrial output in the Eurozone�s economic powerhouse fell 0.7% on month, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, compared with the 0.2% expected and a 0.3% decline seen in October. On an annual basis, German Industrial Production tumbled 4.8% in November, as against October�s 3.4% drop. On the NSE, EURINR let go intraday gains and is seen trading marginally lower at 91.09.